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the pentagon to allocate the cuts in their best judgment rather than forcing certain cuts on them. that would be one helpful thing, but i think the bargaining power almost requires that we allow it to happen before -- before anybody is going to get serious about their negotiation. i agree. it's a terrible idea, but it's maybe a bad idea whose time has come. >> laura you say it's not next to happen. >> right. >> you say there's no debt crisis. how would you describe the 16 trillion debt. >> so what i would say, look, there were estimates out there at the beginning of the year we needed about $4 trillion to stabilize the debt-to-gdp ratio. we're about 60% of the way there. we do need additional revenue increases or spending cuts over the next decade, but let me emphasize. over the next decade. not at a moment in time when the economy has 7.9% unemployment and is operating under its capacity to the tune of maybe six percentage points below capacity. this is a terrible time to do what needs to be done, and it's also a terrible way to do it because it's like telling a business you have to cut ever
consequences. the incident took place near disputed islands on january 30 but took time to verify. the pentagon says both sides ought to avoid any acts that might spark conflict. >>> meanwhile, china is promising to make sweeping tax reforms to narrow the rich/poor suicide. plans approved by china -- divide. plans approved by china says the rich might pay more. in companies, taxes could rise 20% by 2015. there's talk of giving savers a better return. it's for tilting toward more consumption than investment spending. >>> an expected pickup in china is giving a reason to be more optimistic after a challenging 2012. the company said the net loss widened to nearly $4 billion in the fourth quarter last year. but the biggest steelmaker by volume expects profits to pick up amidst improving conditions. in china alone the company sees the steel market growing 3%. and the stock up 2% as a result. >>> and syngenta trades are lower today. the company reported full-year net profit of $1.8 billion. that was ahead of a reuters forecast. it expects another record sales year citing strong commodity prices. so w
to see you. i wanted to put this up. this is what's on the cover of "usa today." pentagon warns of huge cuts. when you think about what's going on in washington, right now, and you think about the sequester that may or may not happen, and you think about your history in washington, do you think that we will have the sequester? >> andrew, i don't know. i think it's a very complicated situation. i think we had a great opportunity and i actually thought there was some reasonable chance it might happen, which was to have a grand bargain that could have addressed what is really unsustainable and deeply dangerous long-term fiscal situation and i think if we had done that, not only would be useful for the long run but i think could have generated confidence in the shorter run and promote jobs now. now instead of that we have a happen has 5rd process. a sequester we're facing. it's a terrible piece of legislation. it arbitrarily cuts defense and nondefense without thoughtfully doing so. instead of being phased in so we'd have more room for recovery, it hits abruptly. and it's far, far from clea
Search Results 0 to 2 of about 3